A survey of SME’s commissioned by Insuranz.com finds that many business owners are not aware what their insurance policies cover, with three in ten of new businesses admitting to having no cover at all.
It seems the small business owner considers the insurance question as problematical, being time consuming and complex.
The report also finds that as many as 30% of SME’s are unaware that they need Employers Liability insurance to cover sub contractors and temporary workers. The fine for not having this cover is £2,500.
New businesses are the most neglectful area of the survey where 32% have no insurance cover at all and 14% are unsure of what cover they have.
Under insurance or no insurance at all can put customers, staff and business at risk as well as risking business owners homes and any personal banking guarantees against their business, claims the report.
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1 THE SMALL BUSINESS BLOG » Blog Archive » UK/Ireland Small Business News Round-up - 23/05/2008 // May 23, 2008 at 12:38 pm
[...] SME’s Neglecting Suitable Insurance Cover: A survey of SME’s commissioned by Insuranz.com finds that many business owners are not aware what their insurance policies cover, with three in ten of new businesses admitting to having no cover at all.It seems the small business owner considers the insurance question as problematical, being time consuming and complex. [...]
2 Pages tagged "suitable" // May 28, 2008 at 9:00 pm
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